Don't see further price correction: JSW Steel official

Steel prices appear to have reached their bottom and are likely to go up from their current levels if supply adjustments globally are any indication in the sector, a top JSW Steel official said on Sunday. Steel prices fell around 40 percent to Rs 55,000-57,000 a tonne in the domestic market.

"The prices had started falling from April-end. I don't foresee further downside in steel prices. Globally, there is a production cut of 62 million tonne," the official said.

Moreover, 29 percent of Chinese steel capacity is under bankruptcy. Global supply adjustments and higher Indian steel consumption will help keep prices firm, JSW Joint Managing Director and Group CFO Seshagiri Rao told: "I don't foresee further downside in steel prices".